HOW TO: From BK7 discharge to 700 in 24 months or less!

[CH-7-Mission-Accomplished]

Getting on Credit One's blacklist is the greatest blessing you could hope for.  Be grateful.  They are the pariah of credit who prey on the financially weak and vulnerable.   Nobody needs them and nobody should get taken advantage of because they have had credit problems.

They are no different than the payday loan companies.  They absolutely ream the poor and get like 36% interest, preying on people who can't have banking relationships elsewhere.

You are better than that.  Don't let them use you.

[Anonymous]

does anyone recommend a good place in LA/SD to get a credit rebuilder loan?? 

[Chilli]

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@Anonymous wrote:

does anyone recommend a good place in LA/SD to get a credit rebuilder loan?? 

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No, but you can try Alliant Credit Union.

[CH-7-Mission-Accomplished]

Check with Logix.

[Unfaithful]

Hello all, I have been following these amazing and informational posts for quite some time. I am in the process of filing for BK, just waiting for a court date. I plan to follow SoulMaster's plan but just had a quick question. Will adding an authorized user help or be beneficial? If so, how should I go about incorporating it in the plan? Any steps? My dad said he is willing to add me as an authorized user to his AMEX and Chase credit card. The Chase card has a 11K credit limit and he only carries a balance of about $700 and the AMEX barely carries a balance. I burnt chase in my BK so I wouldn't know if they will allow my dad to add me as a AU. Any suggestions or tips? Any help would be greatly appreciated! Thank you all.

[Imperfectfuture]

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@itsyoujq wrote:

Hello all, I have been following these amazing and informational posts for quite some time. I am in the process of filing for BK, just waiting for a court date. I plan to follow SoulMaster's plan but just had a quick question. Will adding an authorized user help or be beneficial? If so, how should I go about incorporating it in the plan? Any steps? My dad said he is willing to add me as an authorized user to his AMEX and Chase credit card. The Chase card has a 11K credit limit and he only carries a balance of about $700 and the AMEX barely carries a balance. I burnt chase in my BK so I wouldn't know if they will allow my dad to add me as a AU. Any suggestions or tips? Any help would be greatly appreciated! Thank you all.

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Welcome to the forums.  I followed this thread as part of a rebuild without filing bankruptcy.  I knew my 7 years were coming up, so I made slow steps starting in May 2013 using a secured card that would graduate.  Don't use credit one, the best thing is a credit union that will let you graduate in one or two years.

Being an AU won't do much at first.  I dunno if Chase will let your dad do this, he should call chase first.  It may also come up as a factor for Amex, again, he should call and ask procedure.  You still need your own credit, and after BK, new creditors will be looking at your accounts, not so much others guaranteed accounts (which an AU is).

[jigbab007]

So my wife and I started the process of rebuilding, according to this thread, after bankruptcy a little backwards. I needed an auto loan in January and was approved (6.95% rate) and bought a vehicle.

I decided to finally apply for a cap one card I had been pre-qualified for. I was approved for the platinum, $2,000. Went ahead and applied for the QS and approved for $1,000. My wife applied for both and was approved and received $3,000 CL for both.

Since I have an auto loan, is it necessary for me to apply for the credit builder loan?

What should be our next step? I am hoping to refinance later in the year or early next year. I also just relocated and would like to live in a better area but a lot of places want a credit score of 680 or better and I'm still hovering at 600.

[DaveInAZ]

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@jigbab007 wrote:

So my wife and I started the process of rebuilding, according to this thread, after bankruptcy a little backwards. I needed an auto loan in January and was approved (6.95% rate) and bought a vehicle.

I decided to finally apply for a cap one card I had been pre-qualified for. I was approved for the platinum, $2,000. Went ahead and applied for the QS and approved for $1,000. My wife applied for both and was approved and received $3,000 CL for both.

Since I have an auto loan, is it necessary for me to apply for the credit builder loan?

What should be our next step? I am hoping to refinance later in the year or early next year. I also just relocated and would like to live in a better area but a lot of places want a credit score of 680 or better and I'm still hovering at 600.

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No, one installment loan is enough, and your car loan does that. Most important thing is to have 1 CC report $0 bal & the other no more than 9% of CL. You might want to cycle which one reports $0 bal, or at least charge small amounts on the $0 bal one & pay in full bfore statement to keep it active. Ideally you want 3 cards, but just let your payment history build up on the 2 you have for a couple months & you'll probably get pre-qual letters from Barclays or Merrick bank and take the best offer. You'll probably also get prequal letters from the bottom feeders, Credit One & First Premier, toss them in the shredder - $75 annual fee for a $300 CL is highway robbery.

[jigbab007]

Thanks DaveInAZ. I have been getting the bottom feeders regularly. Boy are those interest rates and fees outrageous. Okay, I'll wait a few months before applying for any other cards.

Thanks again.

[lee307]

I am 6 months post BK and need to start this.  I have an auto loan and CC from a credit union but I just figured out they only report

to equifax so now I have over a 700 there but not the other two.  I received a "you are pre-appoved letter from credit one" and a "you are

pre-selected from Barclays".  Guess I will try the credit one first.